Wed, 03 Jan 2018 | ADMINISTRATION
MVS Group, the mechanical and engineering specialist, have appointed administrators just seven months after the company tried to expand into the North West by opening a Manchester office.
The West Midlands-headquartered business saw its mechanical services arm go into administration on December 15th last year and, this year, the parent group has followed suit when Duff and Phelps were appointed as administrators on 21 December.
According to their most recent accounts, the company suffered from a delayed start to three major contracts which ended up costing them around £3.5m in lost profits and sales.
Overall, the company reported a turnover of £16m and a pre-tax profit of £824,000 for the year. It also owed its creditors £1.7m, and reported cash at bank and in hand of £190,000.
MVS Group also reported an order book of £26.6m for its 2017/18 financial year, and expected its turnover to rise above £25m. The business also said they hoped to be able to complete "at least one" acquisition over the next financial year, but unfortunately these optimistic hopes never came into fruition.
The majority of the group’s 38 staff have been made redundant following the group’s collapse.
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